Optimal Corporate Governance Structures

This paper explores how motivating an incumbent CEO to make investments that improve the effectiveness of the firm organization under his management interacts with the replacement policy of the board of directors. We characterize the optimal compensation package (including severance pay) under governance structures that differ in the power that the incumbent CEO has on the board of directors. We explain why yielding the incumbent CEO some control of the board (entrenchment) can be desirable and offer predictions on when this arrangement is optimal. We also examine the correlation between the elements of his compensation package and the structure of the board.

Stakeholder, Transparency and Capital Structure

Firms that are more highly levered are forced to raise capital more often, a process that generates information about them. Of course transparency can improve the allocation of capital. However, when the information about the firm affects the terms under which the firm transacts with its customers and employees, transparency can have an offsetting negative effect. Under relatively general conditions, good news improves these terms of trade less than bad news worsens them, implying that increased transparency can lower firm value. In addition, we show that transparency can reduce the incentives of firms and stakeholders to undertake relationship specific investments. The negative effects of transparency can lead firms to pass up positive NPV investments that require external funding and to choose more conservative capital structures that they would otherwise choose. These effects should be especially important for technology firms that require a reputation for being on the leading edge.'

Impact of colour adjustment on flavour stability of pale lager beers with a range of distinct colouring agents

The impact of colour adjustment on the flavour stability of a portfolio of locallybrewed pale lager beers with a range of colouring agents such as specialty malts, roasted barley, colouring beer and artificial caramel colorant was investigated. All brewing control parameters and beer specifications were defined and monitored under a rigorous regime in order to avoid processing factors that might interfere with or modify the two parameters under investigation. The colour appearance parameters of the beer samples at distinct ages (fresh, forced aged and 12 month-aged) were psychophysically assessed by means of sensory viewing method (magnitude estimation) by an expert panel of the Colour Imaging Group at the Department of Colour Science, University of Leeds. Likewise, the aforementioned samples were physically measured by tele-spectroradiometry and digital imaging system at two different environments. Significant differences between the beer samples at sameand distinct ageing conditions were detected in terms of lightness, colourfulness, hue angle, opacity and clarity, although all of the samples were colour-adjusted to the same colour units according to conventional procedures (EBC colour units). In addition, good agreement between the sensory viewing (magnitude estimation) method and telespectroradiometry was observed. In contrast, some discrepancies between the aforementioned methodologies and the digital imaging technology were detected. Flavour stability was assessed by the detection and quantification of fifteen flavour-active beer ageing compounds (10 aldehydes and 5 non-aldehydes compounds) by GC-MS using headspace-solid phase microextraction (HS-SPME) with on-fibre PFBOA [O-(2,3,4,5,6-pentafluorobenzyl)hydroxylamine] derivatisation for aldehydes compounds and on-fibre DVB-CAR-PDMS [divinylbenzene-carboxenpolydimethylsiloxane 50/30_m] derivatisation for non-aldehyde compounds. The results were correlated with the determination of the endogenous anti-oxidative potential (EAP) of the beer samples by electron spin resonance (ESR) using N-tert-butyl-α-(4- pyridyl)nitrone N’-oxide (POBN) and the sensory assessments provided by the I.C.B.D. sensory panel. Additionally, the quantification of organic radicals of the specialty malts, the roasted barley (whole intact kernel and milling fraction measurement) and the artificial caramel colorant were conducted by ESR. Based on the results of this holistic approach, a colouring agent was selected for improving the flavour stability of pale lagers according to its physicochemical-, sensorial and psychophysical effects as colour appearance

Diagnosis of Illegal Trafficking Wildlife in Jurisdiction of Corporación Autónoma Regional de Cundinamarca – CAR, Cundinamarca and Boyacá, Colombia.

El tráfico ilegal de fauna silvestre constituye una amenaza a la biodiversidad. Se observan diferentes usos de este recurso, los cuales varían de acuerdo a la región. Un problema que se presenta en el contexto nacional, es la falta de un diagnóstico general actualizado por parte de entidades públicas que permita generar estrategias de acción en busca de la preservación de la fauna del territorio. Por lo tanto, el presente artículo genera un diagnóstico del tráfico ilegal de fauna silvestre en la jurisdicción CAR. Para ello, fue necesario identificar las especies sometidas a esta actividad ilícita, siendo las aves el grupo más representativo, seguido de los reptiles y mamíferos respectivamente. Dentro de los modelos de tráfico ilegal, se evidenció que el principal fue la tenencia ilegal, por las costumbres de las poblaciones del centro del país, quienes usan generalmente la fauna silvestre como mascotas. La Corporación ha generado diferentes políticas dentro de su Plan de Acción para realizar mecanismos de control a este recurso. Así mismo, la autoridad ambiental ha seguido los procedimientos establecidos según la normativa vigente, para el manejo postdecomiso utilizando diferentes pautas y fases en el proceso de rehabilitación. Se evidenció que las Direcciones Regionales presentaron problemas en la gestión de los procesos sancionatorios y por ende, dificultando el control real a esta actividad. Sin embargo, este artículo puede contribuir a tomar medidas correctivas en la gestión por parte de la autoridad ambiental en su territorio.The illegal wildlife trafficking poses a threat to biodiversity. Different uses of this resource, which vary according to the region, are observe. A problem that arises in the national context is the lack of a general diagnosis updated by public entities that can generate action strategies in search of wildlife preservation of the territory. Therefore, this article generates a diagnosis of illegal trafficking wildlife in the CAR jurisdiction. To do this, it was necessary to identify the species subject to this illegal activity, the birds being the most representative group, followed by reptiles and mammals respectively. Among the models of trafficking, it was evident that the principal was the illegal wildlife keeping, by the customs of the peoples of central region, who generally use wildlife as pets. The Corporation has generated different policies within its Action Plan for control mechanisms to this resource. Likewise, the environmental authority has followed the procedures established under current regulations for the management post confiscation using different patterns and phases in the rehabilitation process. It was evident that Regional Directions presented problems in the management of sanctioning processes and therefore hampering this activity real control. However, this article can help to take corrective measures in the management by the environmental authority on its territory

The relationship between crude oil shocks and stock market performance: Evidence from Latin American emerging markets

大多数新兴市场经济严重依赖商品市场，特别是石油，来促进经济发展，因此，研究石油冲击对这些新兴经济体的影响是一个非常重要的课题。本文利用1995年1月至2010年12月的月度数据研究了原油市场和拉丁美洲新兴股票市场指数之间的关系。特别的是本文考虑了三种不同类型的石油冲击，包括需求冲击、供给冲击和石油价格特定冲击，同时控制了汇率和短期利率，以便更好的刻画原油市场冲击与新兴拉美市场指数的动态关系。我们用新兴市场EM拉丁美洲指数来衡量股票市场表现。我们估计了VAR模型，并进行了广义脉冲响应函数分析和方差分解。 从广义脉冲响应函数结果来看，石油需求、石油价格和石油生产的冲击均对拉丁美洲股市产生一个正的...The economic development, of many emerging markets, relies heavily on commodity markets, especially the crude oil market. Hence, it is an important issue to understand the impact of crude oil shocks on these economies. This thesis investigates the relationship between crude oil shocks and the performance of the Latin American stock index, using the monthly data from Jan. 1995 to Dec.2010. In parti...学位：经济学硕士院系专业：王亚南经济研究院_金融学学号：2772014115462

Isodeformation curves of the extraocular muscles from the inverse kinematics of a cable-driven parallel kinematics mechanism model of the eye

A mechanical model of the eye considering it as a cable-driven parallel kinematics mechanism is proposed. The inverse kinematics of the eye is carried out and the isodeformation curves of the extraocular muscles are obtained. The results agree with those previously reported by other, more complex, analytical approaches and with physiological measurements. They are also a contribution to the modeling of the kinematics and to the understanding of the motion planning of the eye, from the standpoint of robotics and mechanism theory. This work may support the neurologically-constrained argument for the positioning of the eye

Isodeformation curves of the extraocular muscles from the inverse kinematics of a cable-driven parallel kinematics mechanism model of the eye

A mechanical model of the eye considering it as a cable-driven parallel kinematics mechanism is proposed. The inverse kinematics of the eye is carried out and the isodeformation curves of the extraocular muscles are obtained. The results agree with those previously reported by other, more complex, analytical approaches and with physiological measurements. They are also a contribution to the modeling of the kinematics and to the understanding of the motion planning of the eye, from the standpoint of robotics and mechanism theory. This work may support the neurologically-constrained argument for the positioning of the eye

Slow sedimentation and deformability of charged lipid vesicles

The study of vesicles in suspension is important to understand the complicated dynamics exhibited by cells in vivo and in vitro. We developed a computer simulation based on the boundary-integral method to model the three dimensional gravity-driven sedimentation of charged vesicles towards a flat surface. The membrane mechanical behavior was modeled using the Helfrich Hamiltonian and near incompressibility of the membrane was enforced via a model which accounts for the thermal fluctuations of the membrane. The simulations were verified and compared to experimental data obtained using suspended vesicles labelled with a fluorescent probe, which allows visualization using fluorescence microscopy and confers the membrane with a negative surface charge. The electrostatic interaction between the vesicle and the surface was modeled using the linear Derjaguin approximation for a low ionic concentration solution. The sedimentation rate as a function of the distance of the vesicle to the surface was determined both experimentally and from the computer simulations. The gap between the vesicle and the surface, as well as the shape of the vesicle at equilibrium were also studied. It was determined that inclusion of the electrostatic interaction is fundamental to accurately predict the sedimentation rate as the vesicle approaches the surface and the size of the gap at equilibrium, we also observed that the presence of charge in the membrane increases its rigidity

Main difficulties on the development of basic speaking skills in the teaching learning process of tenth grade EFL students at Sor Oliva Lombardi National Institute of Río Blanco, during the second semester 2005

The development of basic speaking skills in the English Teaching –Learning process of tenth grade EFL students at Sor Oliva Lombardi National Institute of Río Blanco is the main point of this research.The practical purpose is to analyze the main difficulties on this process, proposing communicative activities and strategies for improving them. This research lets EFLTeachers and students at Nicaraguan Secondary school to reflect about the way has been adressing the Teaching-Learning process and It helps to understand what are the main difficulties that affect the development of speaking skills and how to deal with them. Speaking is the productive oral skills. It consist of producing systematic verbal utterances to convey meaning.This skill like the other ones is more complicated that it seems at first and involves more than just pronouncing words.The Audio-Lingual method was the first approach used to teach speaking. Recently the Communicative Language Teaching or Communicative approach is the new proposal , however EFL Teachers believe that It is necessary to design some basic principles of teaching and apply them in their contexts. Nation wide there is a discussion about the official nicaraguan syllabus to teach English as a Foreign Language because of its grammatical focus does not allow the development of speaking skills,and the lack of Training English Teachers at Nicaraguan Secondary School. Added to these relevant points, the development of basic speaking skills in the teaching learning process is being affected by: The traditional EFL class and short time to teach speaking. There is lack of motivation. There is lack on the domain of basic language functions. There is lack on basic grammar and vocabulary knowledge. The use of native language most of the time in EFL class. Another idifficulty is the testing speaking process.Speaking is probably the most difficult skills to test and one of the difficulty is separating them from listening skills.The lack on assessment because of large EFL classes is another of the great difficultie